Eleven cryptocurrency exchanges are now legal in Japan

Recently, the price of bitcoin suffered a plunge when China banned all cryptocurrency exchanges in the country, as well as mainland access to foreign bitcoin exchanges. This was after issuing a ban on initial coin offerings (ICO’s), a move that forced over 40 ICO’s to return investor funds reportedly amounting to nearly a billion dollars. South Korea also announced last week that it plans to follow suit with an ICO ban.

But with Japan backing cryptocurrencies, this havoc may just be short-lived.

Amid the cryptocurrency bans and crackdowns by its neighbors, Japan lunged forward by licensing 11 bitcoin exchanges, further strengthening its position as the front-runner for the cryptocurrency market with over half the current trading volume for bitcoins originating from the country. Japan was also the first to officially recognize bitcoin and Distributed server processing system Ethereum as legal tender, which came into effect earlier this year.

In August, shortly after legally mandating the registration of all cryptocurrency exchanges operating in the country, the Japanese Financial Services Agency (FSA) said they received around 50 applications for compliance review.

BitFlyer CEO Yuzo Kano thinks the timing is perfect: “Japan has been exploding with demand for both bitcoin trading as well as virtual currency services,” he said in a press release. “The FSA’s approval for bitFlyer to operate as a Registered Virtual Currency Exchange, and the agency’s openness and forward thinking regulation could not come at a better time for the Blockchain space.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

Add a Comment

latest news

Business21 January 2019

Gregory Maxwell gets serious, threatens lawsuit over libel

After having more than a few libelous accusations thrown at him by Roger Ver, AKA, “MemoryDealers” on Reddit, he is moving forward with his previous assertions that he would seek legal relief against the known anarchist.

Cryptocurrency is meant to be a global currency. However, when it comes to regulating the space, it is obvious that there is no global consensus. The U.S. appears to be addressing the space in one manner, while the European Union is formulating its own plan.